Google to Allow Promotion of Bitcoin ETFs Starting January 29
Date: 2024-01-29 Author: Dima Zakharov Categories: BLOCKCHAIN
In a significant development for the cryptocurrency market, Google will officially allow the advertising of cryptocurrency trusts, particularly Bitcoin ETFs, on its platforms starting January 29. Cryptocurrency trusts are financial products that enable investors to trade shares in funds holding a substantial amount of digital assets. This decision is expected to have a profound impact on the promotion and growth of Bitcoin ETFs in the United States.
Google, being the world's largest advertising network with a revenue of $224.5 billion last year, holds a dominant position in the global advertising industry. In comparison, Meta, previously known as Facebook, which has been recognized as an extremist organization in Russia, ranked second with significantly lower revenue of $113.6 billion from advertisers.
Given Google's leadership in the advertising market, it is anticipated that the promotion of Bitcoin ETFs on Google's platforms will attract a multitude of new investors, potentially increasing the capitalization of these funds significantly.
On January 26, the BlackRock iShares Bitcoin ETF (IBIT), managed by BlackRock, became the first Bitcoin ETF to attract investments exceeding $2 billion. This ETF is backed by 49,952 BTC stored in cryptocurrency wallets, demonstrating the growing interest and trust in cryptocurrency-based financial products.
